Forex market reviews

According to the statistics, UK April retail sales increased 1.2% in comparison with the previous month and are up 4.7% on the figures for last year. The report is significantly better than expected, giving grounds to suppose that the country’s economy could grow at a decent rate over the second quarter of 2015.

At the American session the euro/dollar rate again approached the 1.1070 mark after the publication of the US Federal Reserve’s minutes. Sellers didn’t manage to break the support since the members of the Federal Open Market Committee (FOMC) of the Fed expressed doubts about their readiness to raise interest rates in June.

Oil prices in the first half of the day on Wednesday have been rising fast. A barrel of North Sea Brent Crude now costs $64.91 (+1.3%). A barrel of WTI on the market is selling for $58.74 (+1.2%). Market participants have quickly turned around the fall in the price of oil and are now re-establishing their positions.

On Tuesday the demand for the American dollar allowed its respective index (DXY) to rebound to 95.49. In the first half of the day the US dollar was supported by two representatives from the ECB, Christian Noyer and Benoit Coeur. They both announced the ECB’s readiness to extend its QE program into summer. Weak German Eurozone and UK data put even more pressure on the pound and the euro.

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